Notabene Releases Crypto Travel Rules Compliance Status Report

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NEW YORK, Jan. 27, 2022 /PRNewswire/ — As part of a mission to help businesses adapt to the new crypto regulatory landscape, Notabene has conducted the first-ever comprehensive global cryptocurrency compliance survey. travel, publishing the findings in The State of Crypto Travel Rules Compliance Report.

“Our experience with regulators and implementing travel rules has taught us that there are many unique challenges with deployment. The pace is different across companies, countries, and many companies are still unsure which protocol they intend to use. Now, with regulatory deadlines looming, it’s critical that the industry come together to address some of the implementation and deployment challenges,” said Pelle Braendgaard, CEO of Notabene.” We started this report with the aim of providing first-hand insights from a wide range of crypto firms on the challenges they face, how they plan to overcome them, and their expected timelines.”

The State of Travel Rules report includes results from financial institutions and crypto companies around the world on their readiness for upcoming regulatory deadlines. Fifty-six companies responded to the survey, representing broad global coverage. Overall, 45% of respondents have a primary operating jurisdiction in APAC, 30% in EMEA, and 25% in the Americas. 13% of respondents have a banking license or are a banking institution, and 86% of respondents are crypto-native businesses.

The report demonstrates a transparent understanding of compliance readiness levels and pain points by digging deeper into the critical components of travel rule compliance. It highlights the differences in the adoption of travel rules between jurisdictions, approaches to implementing travel rules and summarizes the pitfalls of adoption.

“The report highlighted legal uncertainty and the sunrise period as barriers to most companies rolling out the travel rule. This aligns with what we heard from the industry, where many exchanges have committed the resources necessary to fully prepare for the travel rule but are seeking regulatory clarity around the application dates,” said Alice Nawfal, co-founder and COO of Notabene. . »

Along with the release of the State of Crypto Travel Rules Compliance Report, Notabene will host a series of webinars to create dialogue between regulators, crypto companies and financial institutions on the implementation of the rules. travel, from February. For more information and early access, register here.

About Notabene Notabene is a reg-tech compliance SaaS solution that bridges the traditional financial industry and the crypto industry. We strive to integrate crypto trading into the everyday economy by providing software, tools and comprehensive data to manage regulatory and counterparty risk in crypto trading. Using privacy-enhancing technology, our first-to-market Crypto Travel Rule solution helps financial institutions, crypto exchanges and businesses turn compliance into a competitive advantage. Major investors include Jump Capital, F-Prime Capital, Castle Island, Green Visor Capital, Illuminate Financial, CMT Digital and a group of leading angel investors. Trusted by major exchanges and companies like Tether, Luno, Bitso, Crypto.com, Bitfinex and more.

Notabene is headquartered in New York and has offices in Zug and Santiago de Chile. To learn more, visit www.notabene.id. Follow us on LinkedIn and Twitter.

Media Contact: Liang Zhao [email protected] 505-720-6933

Notabene SOURCE

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